Most Popular
-
1
S. Korea, Singapore seal supply chain agreement
-
2
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
3
Korean language teaching expert says demand has outstripped supply
-
4
Conscripting women to lead to 'more babies,' claims military think tank
-
5
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
6
Who is pollster roiling politics with claims of government string-pulling?
-
7
Taking away phones during school hours not a human rights violation: watchdog
-
8
Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
-
9
Korea launches antidumping probe into Chinese steel
-
10
Korea added to key bond index
-
FTC expands antitrust probe into companies
The Fair Trade Commission is zeroing in on the nation’s major advertising agencies and portal operators in its extensive probe into conglomerates’ alleged unfair business practices in deals with small firms.The antitrust regulator said Wednesday that it had launched an inquiry into Cheil Worldwide Inc., an advertising unit of Samsung Group, on suspicions that it forced price cuts or delayed payment in deals with its subcontractors.On Tuesday, the FTC sent a team of inspectors to the headquarters
May 15, 2013
-
CJ couriers’ strike drags on
Couriers employed by CJ Korea Express are unlikely to end their strike anytime soon, drawing attention to their worsening labor conditions amid cutthroat competition in the fast growing market. Around 1,000 delivery drivers have joined the strike so far, demanding the nation’s largest parcel delivery company sit down for talks to raise their wages.The couriers claim that CJ lowered the delivery commission by about 100 won to around 800 won per parcel after merging with Korea Express, causing the
May 15, 2013
-
[Newsmaker] New Samsung body eyes Nobel laureates
Choi Yang-hee, head of Samsung Group’s ambitious new technological research foundation, is determined to produce Nobel Prize winners through advancing basic sciences.Fostering Nobel laureates is actually one of the three main programs of the Samsung Research Foundation, which will support research and development in basic science, materials engineering, and information and communication technology in line with the Park Geun-hye administration’s “creative economy” drive. The other two are nurturi
May 14, 2013
-
BMW aims to lead electric vehicle market
BMW, the best-selling foreign brand in Korea, announced Tuesday it would launch the German luxury carmaker’s first all-electric i3 compact in the first half of next year here. The battery-powered i3 hatchback, previously known as the Megacity concept, combines a body made of carbon fiber-reinforced plastic with an aluminum chassis. Korea’s top battery maker Samsung SDI is the sole supplier of lithium-ion battery cells for the i3, which goes on sale globally this year. “The i3 is reinventing BMW
May 14, 2013
-
AMCHAM celebrates 60th anniversary
The American Chamber of Commerce in Korea on Tuesday celebrated its 60th anniversary at the Conrad Seoul.Around 400 senior private and public sector leaders from both countries joined the celebration commemorating six decades of successful partnership between American businesses and Korean companies, consumers and workers. Participants included U.S. Ambassador to Seoul Sung Kim; AMCHAM chairman and president of Boeing Korea Pat Gaines; AMCHAM president Amy Jackson; Foreign Minister Yun Byung-se
May 14, 2013
-
Industry underdogs rise amid continued slump
Hit hard by the prolonged economic slump at home and abroad and the depreciating Japanese yen, many of the nation’s major companies suffered a sharp fall in sales or operating profits during the first quarter of this year. Particularly, massive losses recorded by some leading builders sent shockwaves through the nation.While the frontrunners continued to struggle, however, an expected surprise came from those that usually lagged behind, many of which outran their dominant rivals.The steel indust
May 14, 2013
-
Market share of Android-powered smartphones hits record in Q1: data
About two-thirds of smartphones shipped globally in the first quarter ran on Google Inc.'s Android platform, data showed Tuesday, further cementing its dominance over other operating systems (OS).Shipments of Android-powered smartphones totaled a record 161 million units in the January-March period, according to the data by Strategy Analytics.That translates into the Android platform powering 75.2 percent of smartphones shipped during the cited period, also a record high, the data showed.The sur
May 14, 2013
-
Ssangyong Motor shows new sign of recovery
PYEONGTAEK, Gyeonggi Province ― Four years ago, Kim Byung-mo, a 48-year-old factory worker at Ssangyong Motor, never imagined that his return to work could have taken so long. In 2009, when the carmaker was placed under court receivership, Ssangyong made a conditional offer to 454 factory workers to call them back once the company regained traction. The promise was finally fulfilled in January this year. The reinstated workers, after receiving job training for weeks, started their first day of d
May 13, 2013
-
Food makers frown at Lotte’s copycat behavior
Choco Pie has been a legendary snack for nearly 40 years since Orion created it in 1974.The two small, round chocolate-covered layers of cake packed with marshmallow filling melted the hearts of people around the world including North Koreans after they spread in the isolated country through the inter-Korean industrial park in Gaeseong.Just four years after its launch, Orion Choco Pie met a copycat rival at home. Lotte Confectionery introduced the same snack with the same name in 1978.Orion file
May 13, 2013
-
Samsung to set up foundation amid 'creative economy' push
Samsung Group, South Korea's No. 1 conglomerate, said Monday it plans to to establish a foundation to bolster the country's growth engine in line with the government's push to cultivate economic development.The Samsung Research Foundation, slated to open in June, will support research and development in basic science, materials engineering, and information and communication technology, the company said.The group will inject 1.5 trillion won ($1.34 billion) by 2022, starting with 300 billion won
May 13, 2013
-
STX, Japanese investor in dispute over energy firm
Cash-strapped STX Group, the nation’s fourth-largest shipbuilder, is reportedly in a dispute with Orix, a Japanese financial service provider, over the management rights to its affiliate STX Energy.The alleged conflict between the two companies started as Orix, which had bought a 43.1 percent stake in STX Energy for 360.1 billion won ($330 million) as a financial investor in December last year, emerged as the firm’s biggest shareholder by increasing its shareholding to 50.1 percent last month. O
May 12, 2013
-
[Photo News] Tycoon selling fruits
May 12, 2013
-
AMCHAM celebrates 60 years of commitment
The American Chamber of Commerce in Korea has walked the same road of history with Korea.Having entered the country amid the ashes of the Korean War, it would be no exaggeration to state that the chamber helped rebuild the nation. This year, the chamber marks its 60th anniversary here, a more significant date as in Korea, the 60th birthday, called “hwangap,” is considered one of the most important birthdays. Founded in 1953, the very year the two Koreas signed an armistice, the chamber was given
May 12, 2013
-
Chamber ups efforts to give back to communities
When Korea was hit by the 1997 financial crisis and many people lost their jobs, AMCHAM members and companies recognized the urgency of the situation. Then, they came up with the Partners for the Future Foundation in February 2000 with initial funds of about 1.2 billion won ($1.1 million). The foundation mainly aims to increases job opportunities and offer related education and training so that the beneficiaries can overcome their challenges on their own. “We believe a job with a stable income e
May 12, 2013
-
Small businesses lag in qualitative growth
The number of small and medium-sized enterprises (SMEs) in South Korea increased by more than 10 percent over the past years, but their contribution to the nation's exports dived, data showed Sunday. According to the data released by the Korea Federation of Small and Medium Business, 296,000 SMEs were operating here as of 2011, up 10.1 percent from 2006, with the number of their employees jumping 18.3 percent to 1.95 million. In the same period, the number of conglomerate affiliates contract
May 12, 2013
-
Hyundai to add 4th plant in China
Hyundai Motor is planning to construct a fourth plant in China, a company executive said on Friday, to bring the number of the carmaker’s plants to a total of seven with a combined capacity of 2.1 million cars. “We are considering a fourth plant in China with an annual production capacity of 300,000 units,” said Seol Young-heung, Hyundai Motor’s vice chairman for the company’s Chinese operations. Explaining the rationale behind the move, Seol said the Chinese auto industry is embarked on a path
May 10, 2013
-
China's new loans exceed estimates in sign of growth support
China's new local-currency loans exceeded estimates last month while money supply expanded at a faster pace, as policy makers maintained credit support for the economy after first-quarter growth unexpectedly slowed.Lending was 792.9 billion yuan ($129 billion) in April, the People's Bank of China said today in Beijing, compared with the median estimate of 755 billion yuan in a Bloomberg News survey. M2 money supply rose 16.1 percent from a year earlier, following March's 15.7 percent advance.Inf
May 10, 2013
-
Daum Q1 net slips 12.7 pct on ads, games
Daum Communications Corp., the operator of South Korea's second-most visited portal, said Friday its first-quarter net profit fell almost 13 percent on a decline in its display advertising and game services.Net profit came to 20 billion won ($18.4 million) in the January-March period, compared with a profit of 23 billion won a year earlier, Daum said in a regulatory filing.Revenue rose 15.5 percent on-year to 119 billion won in the first quarter, while operating profit slumped 16.3 percent to 23
May 10, 2013
-
Lower-priced deals to strain Korean builders
Korean construction companies are likely to be hurt by lower-priced deals they clinched in the Middle East in recent years, analysts said.The builders bagged a combined $112.5 billion worth orders in the Middle East between 2009 and 2011, according to data compiled by the International Contractors Association of Korea and financial companies.The move came as the builders sought to win orders in overseas markets following the 2008 global financial crisis that dealt a heavy blow to the local const
May 9, 2013
-
Namyang apology doesn’t go down well
The latest public apology issued by Namyang Dairy Products did not appear to be as effective as the company had hoped, especially vis-a-vis the suppliers who refused to accept it. “There was much room for improvement in that apology, not to mention that most of the preventive measures the company announced seemed impractical,” said Lee Chang-sub, head of an organization of distributors supplying to Namyang. He called on the nation’s largest dairy maker to issue a proper apology, adding that Namy
May 9, 2013